New Delhi [India], March 6 (ANI): Women in India are increasingly taking charge of their financial security, as about 44 per cent of women purchasing term insurance now opt for a cover of Rs 1 crore or more, according to the data released by Policybazaar.

The data reveals that women's involvement in investment-linked policies, health insurance, and term life insurance has significantly increased.

The data indicates that the shift is part of a broader transformation in financial decision-making, driven by higher workforce participation, evolving gender roles, and increased access to digital financial tools.

The data further reveals that the percentage of women purchasing term insurance has risen to 18 per cent in the current financial year, with salaried women leading at 49 per cent, followed by homemakers at 39 per cent.

The age group of 31-40 years shows the highest adoption, accounting for 48 per cent of purchases, as they navigate key financial milestones such as marriage, parenthood, and homeownership.

In health insurance, women's participation as policy proposers has increased from 15 per cent to 22 per cent over two years, indicating greater financial awareness. More women are opting for higher coverage, with 70-75 per cent choosing a sum insured of Rs 10 lakh or more.

Women above 40 are particularly focused on securing themselves against rising medical costs, with many using super top-up plans to make Rs 1 crore coverage more affordable.

According to the data from the insurance player, investment-linked insurance is also witnessing a rise in women's participation, with 18 per cent of total investments in Unit Linked Insurance Plans (ULIPs) now being made by women.

Notably, one-third of women's investments are directed towards retirement planning and their children's future, highlighting a focus on long-term financial security.

The data further indicates that financial literacy initiatives and rising disposable incomes in metro cities are fueling this trend.

However, while women's insurance and investment uptake in Tier 1 cities is strong, penetration in Tier 2 and Tier 3 cities remains relatively lower, signalling the need for greater awareness and accessibility in these regions. (ANI)